Audio Clips

16 September 2011

The Abject Failure of the Minimum Wage

Walter Williams is an economist at George Mason University and a fantastic teacher of economic principles. Here he talks about how the minimum wage has hurt low-skilled people, including youth, by preventing them from getting jobs.
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There is only one difference between a bad economist and a good one: the bad economist confines himself to the visible effect; the good economist takes into account both the effect that can be seen and those effects that must be foreseen. - Frederic Basiat

Little else is requisite to carry a state to the highest degree of opulence from the lowest barbarism but peace, easy taxes, and a tolerable administration of justice: all the rest being brought about by the natural course of things. - Adam Smith

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